MONNIFY APP: HOW TO USE IT IN 2023

An Overview of the Monnify App

Monnify logo - swiftbills.ng

In times past, businesses have suffered greatly at the hands of non-functional channels to make payments to customers. Not knowing who to trust or which platform to engage to process payments. Luckily, there is development in technology across the sectors handling finances. 

The systems now could be said to have been improved to become a digital banking system. And so banks have incorporated some gateways to help in enabling a free flow of payment processes. One of the payment gateways is the Monnify Application.

The Monnify App is owned by a Fintech Company in Nigeria, Moniepoint. The app is a payment gateway that can be used by individuals, public or private organizations, non-profits, or entrepreneurs to accept payments from their customers at a time or periodically. It is one of the platforms that offer a faster, safer, and even cheaper way for businesses to get paid for their goods and services on the web or mobile app. The rate of successful transactions is the highest in its payment method. 

Areas Where You Can Use the Monnify App

The Monnify app can be used almost anywhere that payment can be made provided the customers are willing to pay using an ATM card, USSD, Quick Response (QR), internet banking, or even with the use of mobile apps. However, it has been discovered that Monnify does not offer its services to some platforms. 

Small-scale businesses not registered under CAC or registered businesses which are corporations duly registered with CAC are allowed to engage and use the payment gateway. But platforms like Cryptocurrency trading platforms and unlicensed digital banks are not permitted to use Monnify mainly based on regulatory reasons.

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How to use the Monnify App

It is very easy to use the Monnify App as the app is configured with a user-friendly interface. It allows just anybody to follow through without any hidden costs. And the first thing to do when you want to use the Monnify App is to have the application. 

You can simply visit the Apple Store or Google Play Store to install the app or simply use the web version of it. That is, you sign up on the internet and operate it without the actual app but then it is more advisable to have the Monnify App on your device as that helps you to navigate through the app more freely and easily.

Below are the steps to follow to start receiving payments:

  1. Visit the Play Store or Apple Store to download the Monnify app or visit the website www.monnify.com.
  2. After installation, open the app and sign up. Enter your name on the entries provided.
  3. Your field of business needs to be selected. 
  4. You will be requested to provide a beneficiary to your account. And that is to say, an account you would like to make payments to.
  5. Once you are done signing up, a code will be sent to the phone number you provided during registration to confirm if it is yours or available. This is then used to activate the account.
  6. After activation confirmation, you can now choose which channel you would like to use to make and collect your payments.
  7. You are to ensure that all the requirements are met for your business at the KYC level.
  8. Payments can now be received from customers.

Benefits Derived From the Monnify App: The Monnify App has helped traders, the financial sector, and businesses in a lot of ways since its invention and it is no doubt that it is one of the fastest and most secure channels of payment over the years. Highlighted below are some of the ways it has helped flourish a lot of businesses:

Multiple bills settlement: Monnify App comes in very handy when there is a need to make multiple transactions at a go as it helps in reducing the workload of having to perform those transactions one at a time.

Convenient payment: The Monnify App offers a smooth and safe pattern of processing payment and that makes it easy for businesses to transact their payments with the confidence that they are operating on a payment gateway that works.

Conclusion

The Monnify app is easily accessible. This article has highlighted the step by steps processes on how to use the app. It was built with a user-friendly interface and so making payments to customers with it will come with no hassle.

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